Pay day loan team paid KSU for favorable research, documents reveal

Georgia considers loans that are payday dangerous to borrowers that they’re prohibited within state lines. U.S. armed forces officers testified before state lawmakers that the high interest, short-term paycheck improvements drown sailors and soldiers with debt. At one point, the U.S. customer Financial Protection Bureau, a federal customer watchdog agency, planned a crackdown.

Then when a Kennesaw State University research figured borrowers who remove a string that is long of loans fare much better than those who don’t, industry advocates used it to fight down the prepared crackdown. A Washington, D.C., lobbyist hand-delivered the report up to an administrator that is key the federal agency times before its general public launch, recently-released KSU e-mails reveal.

This is no ordinary scholastic research.

The buyer Credit analysis Foundation, a group run by a pay day loan industry|loan that is payday backer, gave KSU $30,000 for the research, payable upon conclusion associated with paper, in accordance with a consulting contract acquired by The Atlanta Journal-Constitution. Continue reading Pay day loan team paid KSU for favorable research, documents reveal